Gemfields sold 3.85 million carats of rough emeralds from its 75%-owned Kagem mine in Zambia for $17.1 million during the March auction.
The emeralds were sold at an average price of $4.45 per carat.
It sold 2.97 million carats of emeralds in March 2023 at an average price of $7.13 per carat, generating $21.2 million in revenue.
Gemfields had offered 4.17 million carats, or 43 lots, for sale, but only 40, or 93%, were sold.
The 47 auctions of Kagem gemstones held since July 2009 have generated just above $1 billion in revenues.
“We are pleased to conclude another successful Kagem auction, demonstrating that the commercial-quality emerald market remains in good shape and prices achieved are broadly in line with the September 2023 commercial-quality auction,” said Gemfields’ managing director of product and sales, Adrian Banks.
He said the parcels accounted for 55% of the auction by weight, resulting in the lower overall dollar-per-carat figure realised at this auction.
“The three unsold lots were also not typical auction grades, being one large cluster of low-quality crystals and two lots of ‘Fines’ comprised of small-size material, said Banks.
“We now look forward to our next higher-quality emerald and mixed-quality ruby auctions to be held in Bangkok over May and June 2024.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
